The Swedish group overall reported post-tax profits of 3.9bn Swedish Krona, up 13 per cent on the year. Its revenues increased eight per cent to 9.5bn Swedish Krona, outstripping group expenses which increased two per cent to 4.2bn Swedish Krona, the results showed.

The group’s return on equity improved from 13.3 per cent a year ago to 14.1 per cent in the first quarter.